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SC sets aside order of NCLAT and holds insolvency plea u/s 7 as time barred

September 17, 2019[2019] 109 198 (SC)

IBC : Where a petition under section 7 filed by bank on 21-7-2017 before NCLT for default of Rs. 6.7 crore on 23-12-1999 claiming that said amount together with interest was payable to bank and that petition was admitted on 5-3-2018 by NCLT, stating that as recovery certificate of 2001 showed that there was default which continued, no period of limitation would attach, it was held that Limitation Act is applicable to applications filed under sections 7 and 9 from inception of IBC Code and, therefore, default having occurred over three years prior to date of filing of application, claim in application was time barred and orders of NCLT and NCLAT were to be set aside

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